Celsius Network raised $ 400 million in its most recent round of funding, led by WestCap, and will use the funds to expand its business, so check out our latest altcoin news today for more.
The Celsius network has $ 400 million, as stated in the press release, the company’s net proceeds will be used to expand its product offering and further connect cryptocurrency to the traditional financial space. It will also focus on developing products tailored to large institutions with an unprecedented interest in the field, as recent analysis by JPMorgan shows these institutions prefer BTC over gold as an inflation hedge.
Another part of the Celsius Networkfunds will be used to double the team from 486 to 1000 employees. From an acceptance point of view, the lender has seen significant growth with 1 million registered customers. It paid more than $ 850 million in interest to users over a three-year period. CEO of the Celsius network Alex Mashinsky believes the recent investment will help the company revolutionize the financial industry:
“We are delighted with the feedback we have received from many of the top financial investors on this fundraiser. The partnership with WestCap and CDPQ enables Celsius to grow and advance its mission of using blockchain technology to connect and decentralize traditional finance. ”
Meanwhile, Laurence Tosi, founder and managing partner of WestCap, believes Mashinsky and Celsius Network have the right framework and approach to consumer protection to comply with regulators:
“Celsius is committed to working actively with regulators to better understand the dynamic crypto space, protect retail clients from fraud and inappropriate risk, and raise consumer awareness to enable informed investment decisions.”
Tose’s comment is a great endorsement for Degrees Celsius which has received quite a bit of backlash from regulators. Both Texas and New Jersey are targeting Celsius to offer their customers unlicensed securities, but Mashinsky disagrees with the allegations, claiming he remains committed to working with regulators.
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